If you’re like most companies that run construction projects, you know that getting accurate and real-time cost data from the jobsite can present many challenges. If you’ve never considered a software system to take on the heavy lifting of that process, here are the top 9 signs you need construction cost tracking software.
Top 9 signs you need construction cost tracking software and how 4castplus can help:
#1. You have way too many spreadsheets
Your Site Foremen probably use one or more spreadsheets to capture the daily hours and activities of your crews and equipment for each of your jobsites. You may also have a few contractors working for you that submit their spreadsheet to your site personnel for approval. Then there are the expenses, documents, scanned receipts, safety and inspection reports, etc. that you need to include into the mix, and if you’re a contractor yourself, everything needs to be combined and organized for your client’s Site Superintendent to sign and stamp.
All that critical data for Finance, Project Management, Payroll, etc. is sitting invisibly in thousands of spreadsheets somewhere on a shared drive.
With the right construction cost tracking software, like 4castplus, your site personnel can directly upload spreadsheets and other documents to a centralized database that is available in real-time to all of your crews across all of your jobsites.
#2. There’s too much time spent re-entering data
Your daily field reports, subcontractor timecards, and other data will likely have to be re-entered into a master spreadsheet or your accounting system. Re-entering data is not only inefficient, it presents a great deal of risk for errors and data loss. It also introduces a delay in getting critical information to decision makers.
With 4castplus, data gets entered once and it can then be used and reused by many people for many functions.
#3. Data is inaccurate or incomplete
When using spreadsheets to capture jobsite costs, there is no system in place to validate that the data being entered is accurate or complete. Without accurate and complete data from the start, errors and omissions are simply passed down the line for someone else to potentially find and correct.
4castplus is designed to ensure the information being entered is both accurate and complete from the beginning.
#4. Information delays: Project managers can't make key decisions
Information delays can result in significant project risk including budget overruns, schedule delays, health and safety issues and even claims risk. Project managers need to know what is happening NOW so that they can make key decisions and take corrective action.
4castplus delivers accurate, complete and real-time data enabling project managers to run their projects smoothly.
#5. Accounts Payable spends too much time on vendor invoice approvals
As many CEO’s will tell you, the Accounts Payable function is one of the most expensive areas to operate in the finance department. This is largely due to the time-consuming effort of approving vendor invoices.
The right cost management software, like 4castplus, actually automates the Accounts Payable function of invoice approval allowing you to operate it with an efficient and streamlined staff.
#6. The billing cycle in Accounts Receivable is slow and inefficient
To complete a billing cycle, Accounts Receivable needs to have accurate information to invoice clients, like documents, reports, scanned receipts, etc., and complete billable data.
With 4castplus, Accounts Receivable has all this information at its fingertips, all the time, which eliminates the time-consuming and error-prone process of getting invoices out the door.
#7. You have an overwhelming feeling of chaos
Managing projects in the dark and in the past, leads to chaos. Without a system in place to manage all your data and provide real-time reporting, it’s difficult and time consuming to sort through it all. Good information and the right tools are essential for managing construction projects.
4castplus delivers you with one-click reports on all your projects, programs, resources and subcontractors so that you have complete information when you need it.
#8. Your executive teams are demanding better reporting
When you have multiple projects on the go, it is a significant effort to organize all of your project data into a consolidated report to be able to see the bigger picture.
4castplus provides powerful, flexible and customizable reporting. On top of a rich set of pre-built reports, you can also customize dashboards for your project managers and your executive team so that they have access to key information on the go.
#9. You can't monitor subcontractor performance
If you hire subcontractors to work on your projects, it’s hard to measure which ones are performing well and which ones are not.
4castplus is a powerful subcontractor management solution that provides visibility into subcontractor performance in terms of production units, hours, etc., and delivers short and long-term comparisons against planned productivity so that you can make proactive decisions.
See how a construction cost tracking software solution like 4castplus can help you and your teams.